At 68, Gerald Schwinn has never been busier. The retired energy consultant tutors kids in the Washington, D.C., public schools and works part-time at the public library and an art gallery. He'll keep working at least until 70, when he's eligible for maximum social security benefits. "As long as I can remember the Dewey decimal system, presumably I can stay at the library," he quips.
Schwinn is in the vanguard of an increasingly gray-haired workforce that has the potential to transform the aging of the population from an economic burden into a net plus. Extending the normal working life span to 70, by raising the eligibility age for public and private pensions, for example, would add one-half of one percentage point to GDP growth annually over the next 20 years, and income levels would rise 11%, according to Goldman Sachs.
Boston College's Center for Retirement Research says even unpleasant jobs keep older workers healthier.
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Because we're living longer, working longer makes sense. Five workers now support each senior age 65 and older. In 30 years or so, that ratio will drop to two-to-one unless more people defer or forgo retirement. Removing tax and benefit penalties that hit older workers would help keep them employed.